Wednesday, September 29, 2010

It's a new 52 week low for Constitution Mining (CMIN.ob)....

...which should be evidence enough of this scam as gold whacks into new highs above U$1,300/oz, but this chart demonstrates that it's also a new 104 week low as well, because perspective is needed.

You see the total lack of volume before this time last year? You see all those volume bars since then? There are one or two people that have made multi-millions selling their large stock of worthless paper to the longsheep that bought into this hype, but the vast majority of people who were dumb enough to hold this stock at any given time have had their asses handed to them on a platter by the scam operators.

Want to know why I'm allergic to OTC mining companies? See above. I don't mind missing the GOROs of this world because for every successful mining story that climbs out of OTC-land there are 99 bullshit scams like CMIN.ob, MRGP.ob, WOVT.ob, SILA.ob and those are just off the top of my head...the list goes on and on. I find it quite incredible that people are dumb enough to buy into these scams without doing the slightest bit of DD on the companies' structure and the background of the people involved.....wait, scratch that...I don't find it that incredible after all. As PT Barnum said, there's a sucker born every minute.